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Life insurance and pension groups AEGON International N.V. (AEGON), and China’s Industrial Securities have completed the establishment of a Sino-Foreign fund management joint venture. AEGON secured a 49% stake in Industrial Fund Management Company (IFMC) while Industrial Securities will hold a 51% interest.
The joint venture will be renamed AEGON Industrial Fund Management Company (AIFMC).
Yuan Tai Law Firm represented IFMC and Industrial Securities, while Allen & Overy represented AEGON. The Allen & Overy team was led by Shanghai-based partner Victor Ho, supported by Richard Kim and Lynn Yang and senior associate Simon Hui.
“Asia is an essential pillar of AEGON's international growth strategy, as demonstrated by our continued investment in greater China, and in our newest markets of India and Japan,” said Alexander Wynaendts, chief operating officer of AEGON.
“We welcome this opportunity to further expand in this fast growing market and look forward to combining our expertise with the excellent management capabilities of Industrial Securities,” he added.